Tag Archives: Forbes
Sheila Shayon of Brand Channel writes Wednesday about what Forbes‘ acquisition of True/Slant will mean to the business magazine.
Shayon writes, “It’s fighting for its life in a media category, business journalism, that has been in a state of turmoil in the past year, with BusinessWeek sold to Bloomberg, Fortune changing its frequency and the Wall Street Journal launching a New York edition to take on the New York Times.
“The WSJ, the Financial Times and the Economist, in particular, have weathered the recession better than the house that flamboyant patriarch Malcolm Forbes built, which has been struggling for some time.
“By acquiring the year-old True/Slant, Forbes can tap into its network of bloggers and so-called ‘knowledge experts,’ freelancers who write about politics, culture, sports, business, health, science and food. With 300-plus contributors, Dvorkin projects ‘a record’ 1.5 million unique True/Slant visitors in May.
“Known for decades as catering to the world’s wealthiest, the family-built media brand was founded on the notion that ‘business was originated to produce happiness.’ That mantra hasn’t been enough to shield Forbes from recessionary dip in ad sales. While its website has survived with traffic-generating slideshows and lists, online ad sales aren’t enough to pay the bills.”
Read more here.
Forbes‘ acquisition of True/Slant means that its flagship business magazine will undergo a redesign under new company chief product officer Lewis Dvorkin, according to a company release.
Dvorkin, the founder of True/Slant, will be joining Forbes to lead all editorial areas at Forbes as chief product officer effective June 1.
Dvorkin started consulting with Forbes in April of this year. He had been executive editor of Forbes magazine from December 1996 to April 2000. In his new capacity, Dvorkin is charged with creating and implementing many new initiatives in the editorial product and the engagement of Forbes’s audiences. He will oversee a re-architecting the Forbes.com website; redesigning the magazine; and will assume responsibility for all editorial product across Forbes.
“To participate and lead Forbes into its next stage of media life is truly exciting,” said Dvorkin in a statement. “Forbes is a trusted brand with deep and specific meaning to those interested in information that inspires and enables them to succeed and to create wealth.”
He continued, “With all of Forbes’s great experts, the wealth of Forbes data, and its real-time web features, we have a unique ability to stimulate the social media conversation. Our journalists, producers, audiences, marketers and all variety of entrepreneurs will be engaged as they never have been before with one another. Forbes is stepping ahead of everyone on this one.”
Dvorkin brings 35 years experience in both old and new media platforms. Besides his years at Forbes, Dvorkin was page one editor of The Wall Street Journal, a senior editor at Newsweek, and an editor at The New York Times. After leaving Forbes, Dvorkin was senior vice president, programming at AOL, where he was responsible for News, Sports and Network Programming and played a significant role in the launch of TMZ.com.
Forbes Media plans to acquire online news platform company True/Slant, according to a post from the company’s founder, Lewis Dvorkin.
Dvorkin writes, “The small True/Slant team, with more than 100 years of Web, publishing and TV experience, will now be working side-by-side with talented and dedicated journalists at Forbes Media. The goal: to work together to further develop a mindset around the power of the Web and traditional news values. With hard work, we can implement new blogging platforms and more efficient digital, print and video content creation models; we can find better ways for audiences to engage with news and information; and we can pursue new integrative approaches for marketers and advertisers.
“The Forbes brand has deep meaning for audiences, journalists and marketers. The brand befits the entrepreneurial spirit that is so vital to capitalism and business creation. Working together as one team, we can propel a great and storied brand into the next stage of its media life.
“We always told our 300+ contributors that True/Slant was their digital home. We watched as they provided context and perspective on the news, conducted interviews and even broke some news. We were inspired and we learned so much as they used our tools to publish and connect with the audience and fellow T/S contributors.
“Our contributors believed, and that meant everything to us. We will always be grateful for your pioneering spirit, dedication and professionalism. As True/Slant transitions, some of you may be interested in moving with us to Forbes. We look forward to discussing the possibilities with you.”
Read more here.
Sean Dougherty writes on Forbes.com about how the business media seems to want to call a bubble on every investment these days.
Dougherty writes, “This is in large part because the business media still feel guilty about missing the housing bubble–even though article after article was written about the ahistorical rise in home values and what a slowdown could mean to the economy. Holman Jenkins of The Wall Street Journal recently listed a string of articles in his paper alone beginning as early as 2001. Few people knew enough to listen, but that doesn’t mean we weren’t warned.
“Now the business media race to declare every appreciating asset class you can name a bubble, so we won’t get fooled again, even if we weren’t fooled the first time. In the past six months, writers for national business media have declared the following 18 asset classes bubbles: real estate in China, Dubai, the U.S., Canada and London, the Chinese economy, Greek bonds, emerging markets, the whole international currency carry trade system, gold, corporate bonds, treasury bonds, municipal bonds, the environment, private equity, church construction, container shipping and garlic, plus — even though it’s not exactly an asset class — ethics. Business Finance, a trade magazine for financial executives, carried a blog in February warning of a surge in honesty brought on by the recession and predicting a rebound for corner-cutting once there gets to be more money on the table.
“Calling the garlic market a bubble was particularly galling because the story, on Fortune magazine’s website on March 24, acknowledged that the price was rising only because the top producer, China, cut back its supply. If we’re going to call any effect of supply and demand an asset bubble, then what does the term even mean?”
Read more here.
Meghan Casserly of Forbes Women talked with Washington Post business reporter Nancy Trejos about how she overcame her personal finance troubles.
Here is an excerpt:
As a financial journalist, how did you decide to come clean about your messy finances in such a public forum?
It was a really difficult decision. I’d spent many years in denial about my problems, but I got to the point where I needed to be honest with myself, my friends and my family. My job as a finance writer actually helped me to get there, because I spent every day talking to people who were literally on the brink of bankruptcy. I realized they weren’t bad people, they weren’t dumb people, they just didn’t know how to make things right. And what I came to see was that I wasn’t alone, and that it was OK to talk about it. I had a story to tell, to let other people know that they weren’t alone, and that there were livable steps to getting your life and your money back in order.
When did you realize that your debt was beyond your control?
I was living in a rental in D.C., because I’d had to sell my condo at a major loss. I had credit card debt, student loans, car loans–basically every kind of debt possible. I hadn’t even been looking at my bank account because I was too scared to see the balance. I finally had to go online and check out what was going on, and it was worse than I’d imagined. It was out of control, and I knew I needed to ask for help.
Read more here.
Joe Pompeo of The Business Insider reports Thursday afternoon that there is a rumored shakeup about to occur at business magazine Forbes.
Pompeo writes, “We’ve been hearing from insiders that there are rumors of another potential shake-up at the magazine — that more layoffs are coming, this time including editors and not just the rank-and-file.
“This comes as many Forbes staffers move buildings this week—many for the second time in about a year—a few blocks down Fifth Avenue, back to the old Forbes Magazine building at 60 Fifth Ave. (In January, the NY Post’s Keith Kelly reported the move was planned; it has been going on this week.)
“A few weeks ago, we reported that Forbes had recently hired back six previously laid-off staff writers as freelancers, and was making them file more copy than ever.”
The New York Financial Writers Association and the New York State Society of Certified Professional Accountants announced Tuesday the winners of the Excellence in Financial Journalism Awards, with the winners including journalists from Bloomberg News, Forbes and Crain’s New York Business.
The winners received their awards at the Yale Club in Manhattan.
Here are some of the winners:
- Print-Accounting Magazine (over 1,500 words):
Randy Myers, CFO Magazine, “Taxed to the Max,” how U.S. corporate tax policy is hampering the global competitiveness of U.S. companies.
- Print-Business/Financial Magazine (under 1,500 words):
Aaron Elstein, Crain’s New York Business, “Companies Play Spin the Balance Sheet,” reveals ways public companies are “spinning” their disappointing financial results.
- Print-Business/Financial Magazine (over 1,500 words):
William P. Barrett, Janet Novack, Forbes, “Tax Snitches Are on the Loose,” shows the huge impact the federal 2006 whistleblower reward law is having—and is likely to have—on tax enforcement.
- Print-General Audience Series of Articles:
Kathy Chu, USA Today, “The Credit Trap,” a series of articles documenting how banks have used steep fees and questionable practices to profit off vulnerable consumers.
- Electronic Media – Business/Financial:
Jonathan Weil, Bloomberg News, “Numbers Tell the Story,” how banks used accounting tricks to mask their crippled state and how government agencies abetted financial industry abuses.
- Wire Service – Business/Financial:
AP Business News Staff, The Associated Press, “Meltdown Legacy,” a five week series of articles explaining the lasting impact of the financial crisis and great recession on businesses, governments and consumers.
See all of the winners here.
Five of the top 10 media in the BtoB Magazine’s Media Power 50 list are business media organizations.
For “Power Lunch,” Kate Maddox writes, “The two-hour program, which airs Monday through Friday at noon ET, provides extensive coverage of the stock markets, business news, real estate, public policy and other important topics of the day.
“‘We feel the program delivers great strength in business and financial news coverage and certainly makes sense for our b-to-b and financial clients,’ said Dolores Marsh, director of broadcast services at Doremus, New York, which has bought advertising time on the program for clients including FINRA (Financial Industry Regulatory Authority), Knight Capital and Russell Investments.
“‘The large range of topics available within the two-hour segment enables us to reach the target audience they deliver—top management, business decision-makers and affluent investors,’ Marsh said.”
Read more here.
Here is an excerpt:
There were rumors you tried to acquire a high-profile business brand last year.
About 18 months ago I approached John Huey, editor-in-chief of Time Inc., and said, ‘Why don’t you sell me Fortune? I’ll make something interesting out of it.’ John is a friend of mine, but Fortune is rubbish. It doesn’t take chances. What’s the point of media if you’re not rocking the boat?
What did he say?
He said I’d be great at running the magazine, but Fortune is one of the pillars of Time Inc. and we’re not selling. (Forbes asked for comment from Fortune owner Time Inc. but received no comment before press time.)
Read more here.
Dubois writes, “Headhunter Michele James, CEO and founder of James & Co, has contacted at least one bona fide candidate for the job of COO of Forbes.
“The current COO is Tim Forbes. ‘Tim is staying with the company, he’s just going to go to a higher level,’ says Forbes spokesperson Monie Begley. ‘The new person coming in will report to Steve and Tim.’
“Forbes could be taking someone on because it’s trying to improve and rethink its digital presence. The company recently hired Lewis DVorkin, founder and CEO of True/Slant, as a consultant to help update its web strategy. Hiring a new executive who has significant digital experience could be another step in that direction.
“‘I would imagine that the person will have to have deep skills in web and print,’ says Begley, who doesn’t see the web issue as a driving force for the search for a new COO. ‘We’ve been doing [the web] since 1997, and very successfully.’”
Read more here.